Chinese bank prepared to back Las Vegas maglev project

After being snubbed by the US Department of Transportation, the California-Nevada Super Speed Train Commission said that a Chinese bank is prepared to lend up to $7 billion to help build a magnetic levitation train between Las Vegas (NV) and Anaheim (CA). Project supporters announced that the Export-Import Bank of China agreed to provide a direct loan that would require the backing of the US government as well as cooperation with Chinese enterprises. According to the Las Vegas Sun, Transportation Secretary Ray LaHood said the maglev project did not receive stimulus funding because Nevada did not submit a proposal and the commission was not eligible to apply.   Link to full story in Las Vegas Sun.

Tagged as: high-speed rail, magnetic levitation